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                                                                   Exhibit 13(c)
                                                                   Page 1 of 3


                   NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
              DEALER NOTE ASSET BACKED CERTIFICATES, SERIES 1995-1
                     ---------------------------------------

             ANNUAL SUMMARY OF SERVICER AND SETTLEMENT CERTIFICATES

              DISTRIBUTION AND PERFORMANCE ANNUAL AGGREGATE REPORT
            For the period November 1, 1997 through October 31, 1998


     Under  the  Series  1995-1  Supplement  dated  as  of  June  8,  1995  (the
"Supplement")  by and among  Navistar  Financial  Corporation  ("NFC")  Navistar
Financial  Securities  Corporation ("NFSC") and The Bank of New York, as trustee
(the "Master Trust Trustee") to the Pooling and Servicing  Agreement dated as of
June 8, 1995 (the  "Agreement") by and among NFC, NFSC, the Master Trust Trustee
and The Chase Manhattan Bank, as 1990 Trust Trustee, the Master Trust Trustee is
required  to  prepare  certain   information   each  month   regarding   current
distributions    to   certain    accounts   and   payment   to   Series   1995-1
Certificateholders  as well as the  performance  of the Master  Trust during the
previous  month.  An annual  aggregation of such monthly  reports for the period
November 1, 1997  through  October 31, 1998 with  respect to  distributions  and
performance  of the Trust is set forth  below.  Certain  of the  information  is
presented  on the basis of an original  principal  amount of $1,000 per Investor
Certificate.  Certain  other  information  is presented  based on the  aggregate
amounts  for the  Master  Trust  as a  whole.  Capitalized  terms  used  but not
otherwise  defined herein shall have the meanings  assigned to such terms in the
Agreement and the Supplement.

1.   NFC is Servicer under the Agreement.

2.   The undersigned is a Servicing Officer.

3.   Eligible Investments in the Excess Funding Account:

     a.  The aggregate amount of funds invested
         in Eligible Investments..........................................$0.00

     b.  Description of each Eligible Investment:................Not Applicable

     c.  The rate of interest applicable to each such Eligible
         Investment..............................................Not Applicable

     d.  The rating of each such Eligible Investment.............Not Applicable


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                                                                   Exhibit 13(c)
                                                                   Page 2 of 3



4.   The total amount to be distributed on the Series 1995-1
     Certificate on the Distribution Dates:

     a.  The total aggregate amount..............................$12,132,341.61

     b.  Stated on the basis of $1,000 original principal amount......$60.66170

5.   The total amount, if any to be distributed on the
     Series 1995-1 Certificates on the Distribution Dates
     allocable to the Invested Amount.....................................$0.00

6.   The total amount, if any, to be distributed on the
     Series 1995-1 Certificates on the Distribution Date
     allocable to interest on the Series 1995-1 Certificates.....$12,132,341.61

7.   The Invested amount as of the Distribution Date.
     (after giving effect to all distributions that will
     occur on the Distribution Date)............................$200,000,000.00

8.   Eligible Investments in the Series Principal Account:

     a.  The aggregate amount of funds invested in Eligible
         Investments......................................................$0.00

     b.  Description of each Eligible Investment:................Not Applicable

     c.  The rate of interest applicable to each such Eligible
         Investment..............................................Not Applicable

     d.  The rating of each such Eligible Investment.............Not Applicable

9.   Eligible Investments in the Negative Carry Reserve Fund:

     a.  The aggregate amount of funds invested in Eligible
         Investments......................................................$0.00

     b.  Description of each Eligible Investment:................Not Applicable

     c.  The rate of interest applicable to each such Eligible
         Investment..............................................Not Applicable

     d.  The rating of each such Eligible Investment.............Not Applicable



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                                                                   Exhibit 13(c)
                                                                   Page 3 of 3


10.  Eligible Investments in the Liquidity Reserve Account:

     a.  The aggregate amount of funds invested in Eligible
         Investments......................................................$0.00

     b.  Description of each Eligible Investment:................Not Applicable

     c.  The rate of interest applicable to each such Eligible
         Investment..............................................Not Applicable

     d.  The rating of each such Eligible Investment.............Not Applicable

11.  The aggregate amount of Dealer Notes issued to finance
     OEM Vehicles, as of the end of the period...................$11,226,142.65

12.  The Dealers with the five largest aggregate
     outstanding  principal amounts of Dealer Notes
     in the 1990 Trust at the end of the Due Period:

     i)    Freund Equipment
     ii)   Southwest International Truck
     iii)  Pollard Motor Co
     iv)   Longhorn International Eq Inc.
     v)    Southland International Trucks

13.  Required Monthly Interest Reserve Amount as of
     the Distribution Date..........................................$300,000.00

14.  Actual Monthly Interest Reserve Amount as of
     the Distribution Date..........................................$300,000.00